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Economic Terms.

Published on Feb 09, 2016

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PRESENTATION OUTLINE

ECONOMY

A system in which people get the things they need or want.

NEED

Things you need to survive

WANT

Things you desire

BUDGET

A amount of money a person can spend over a certain period of time

TRADE

When people in different nations exchange goods and services.

GOODS

Things people use

SERVICES

Something you do for others.

PRODUCERS

People who create goods or produced services.

CONSUMERS

People who purchase or use goods and services

PRICES TO INCREASE

Either high demand or low supply

PRICES TO DECREASE

Large supply or low demand

SUPPLY

The amount of a good they have in stock

DEMAND

Amount of a good people want

PROFIT

Amount of money you have left over

SCARCITY

Limited amount of sources

INDERDEPENDENCE

Two things that depend on each other